experience a more human workplace · 10/23/2018 · employees employers gap the company’s...
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Experience a more human workplace
Vincent BranchesiOctober 23, 2018
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Will the webinar be recorded?
Yes!(We will send you a link to the recording after the webinar).
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Will the slides be available?
Yes!(We will send you a link to the PDF after the webinar).
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Confidential – for MetLife internal use only
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How do you ask questions?
Type your question into the “Questions” panel
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Macro trends impacting our workforce Today life is pushing back
New ways of working and increased diversity are fundamentally changing companies and their employees.
Always “on” Generational differences are no longer sufficient
differentiators
Family dynamics have changed
The gig economy is real
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Current state of affairs
“Executives at many companies complain they can't find enough workers.”
unemployment rate3.8%
Lowest since 2000
1. Bureau of Labor Statistics, June 2018.2. PWC Annual CEO Survey, 2017.
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Human connection in the age of automation
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Supporting work-life enrichment with technology
Engagement
Loyalty
Technology BalanceFlexibility
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Empower employees to be their best in work and life
Having work/life
balance makes me
more productive at work
81% 64%
My work skills
make me a better person in my
personal life
The right fusion of work and life makes for better employees.
MetLife 16th Annual Employee Benefit Trend Study, 2018.
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Offering customizable benefits
employees said they’re willing to pay more to have benefits choices that meet their needs
6 out of 10
MetLife 16th Annual Employee Benefit Trend Study, 2018.
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Financial wellness is top of mind for employees
Workers are retiring unprecedentedly later in life. Last year, consumers’ level of financial uncertainty peaked at levels not seen since the ’08 recession.
18%25% 23%
31%85% of employees say feeling in control of their finances is important to their peace of mind
1 employees are less productive at work because of financial worries
3in
and this number’s been on the rise…
2014 2015 2016 2017
MetLife 16th Annual Employee Benefit Trend Study, 2018.
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Employers acknowledge their responsibility
of employers recognize that their
employees are looking to them for
more help in achieving financial
security through benefits offered
68%
of employers say they have a
responsibility for the financial
well-being of their employees
59%
MetLife 16th Annual Employee Benefit Trend Study, 2018.
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What’s the payoff for employers who provide financial wellness tools?
The impact of having financial wellness tools in the workplace:
of employees say they’re
important when deciding whether to accept a job
52% 57% 53%
feel they increased loyalty to their current employer
feel that having them
makes them more productive at work
Attraction Loyalty Productivity
MetLife 16th Annual Employee Benefit Trend Study, 2018.
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Employees crave knowledge from trusted sourcesPersonalized and customized support
84% of employees find at least one of the following
sources effective
One-on-one in-person consultations with the enrollment representative
Group in-person consultations with enrollment representative
One-on-one phone consultations with enrollment representative
Financial advisors
Doctor/medical professional
MetLife 16th Annual Employee Benefit Trend Study, 2018.
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Clear communication is necessary
Employees Employers Gap
The company’s benefits communications are easy to understand 60% 73% +13 pts
The company’s benefits communication effectively educated employees so they can select options that best meet their needs
60% 74% +14 pts
The company’s benefits communication helps employees understand how much they will pay for specific services.
63% 76% +13 pts
MetLife 16th Annual Employee Benefit Trend Study, 2018.
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Simplified enrollment mitigates confusion and complexityEmployees
39% 21% 40%
42% 21% 37%
51% 20% 29%
I am confused about some or all of the information regarding my benefits
I felt stressed by the process of enrolling in my benefits plan
I worry that my coverage may not be enough
Agree Neutral Disagree
MetLife 16th Annual Employee Benefit Trend Study, 2018.
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The non-negotiables
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A winning combination
+ =
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Leveraging enrollment firms
Smooth, simple enrollment processes and effective communication are highly valued services from enrollment firms.
of employers overall said increased employee participation in benefits is a valuable servicefrom enrollment firms
78%BUT ONLY
of employers worked with an enrollment firm on the most recent renewal/enrollment process
14%
MetLife 16th Annual Employee Benefit Trend Study, 2018.
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A holistic approach give employers a way to adapt
Using these five strategies as a guideline will help provide a wider range of options that can meet change head on.
Breadth of benefit options1Tailored solutions2Access to the right expertise3Clear and easy to understand information4Simplified enrollment5
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Employees crave experiences that feel more human and engaging that enrich their lives as a whole
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Questions?
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For more insights, visitmetlife.com/ebts2018
Metropolitan Life Insurance Company, New York, New York© 2018 MetLife Services and Solutions, LLC. All rights reserved.
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